Capital markets (equity) in Hong Kong

Clifford Chance

In 2018, Clifford Chance's team completed nine IPOs on the Main Board of the Hong Kong Stock Exchange for Chinese companies, which had raised circa $15.8bn. In addition to being prominent in high-profile listings, the group also advises on takeovers, pre-IPO investments and secondary offerings, among other matters. Its client roster spans sectors such as TMT, financial services, healthcare and consumer goods. Amy Lo has over 30 years of experience of corporate finance and securities transactions in greater China and further afield in Asia. Another name to note is Christine Xu, who recently made partner. Virginia LeeLiu FangFrank Yuen and Corey Zhang are also recommended. Tim Wang is the main contact in Beijing.

Practice head(s):

Amy Lo; Tim Wang (Beijing)

Key clients

China Tower

Xiaomi

Ping An Healthcare and Technology Company Limited (Ping An Good Doctor)

Huifu Payment

iDreamSky Technology Holdings Limited

Haidilao

China Renaissance

Bank of Jiujiang

China Literature Limited

Qingdao Haier

Weimob Inc.

Chengdu Expressway

China Kepei

Maoyan Entertainment

Shenwan Hongyuan Group

Haitong Unitrust

Hansoh Pharmaceutical

Work highlights

  • Advised the joint sponsors and 23 underwriters – including Goldman Sachs (Asia) L.L.C., Morgan Stanley Asia Limited and CLSA Capital Markets Limited – on Xiaomi Corporation’s $5.4bn IPO on the Hong Kong Stock Exchange.
  • Advised the joint sponsors and underwriters – including China International Capital Corporation and Goldman Sachs – on China Tower’s $6.9bn IPO on the Hong Kong Stock Exchange (HKSE).
  • Advised Ping An Good Doctor on its $1.12 bn IPO on the Hong Kong Stock Exchange.
  • Advised Huifu Payment Limited (“Huifu”) on its $216m IPO and listing on the Hong Kong Stock Exchange.
  • Advised iDreamSky Technology Holdings Limited (iDreamSky) on its $107m (HK$835m) IPO and listing on the Hong Kong Stock Exchange.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP has advised on 12 Hong Kong IPOs and 12 US IPOs (to date) since 2018, with Li He playing a particularly key role. It also has an outstanding track record in follow-on offerings, restructurings and other cross-border transactions. In addition to acting for underwriters, it stands out advising issuers, including Chinese state-owned enterprises (SOEs) and new economy companies. Recently promoted partner Yang Chu and counsel Steve Wang are experienced in listings of biotech companies, as well as related corporate transactions. He co-heads the team with Bonnie Chan and James Lin. Paul Chow departed the firm to become an in-house counsel at Cathay Pacific.

Practice head(s):

Bonnie Chan; James Lin; Li He

Other key lawyers:

Yang Chu; Steve Wang; Stephenie Fung

Work highlights

  • Advised Luckin Coffee Inc on its $570m US IPO and $200m private placements.
  • Advised CStone Pharmaceuticals (“CStone”) on its circa $285m Hong Kong Stock Exchange IPO and listing, and an international offering in reliance on Rule 144A and Regulation S.
  • Advised the underwriters on the Hong Kong Stock Exchange IPO and listing, and Rule 144A/Regulation S international offering, of AsiaInfo Technologies Limited.
  • Advised Tongcheng-Elong Holdings Limited on its $180m Hong Kong Stock Exchange IPO and listing, and an international offering in reliance on Rule 144A and Regulation S.  
  • Advised the underwriters on Innovent Biologics’ Hong Kong Stock Exchange IPO and listing, and international offering in reliance on Rule 144A and Regulation S.

Kirkland & Ellis

Kirkland & Ellis has a first-rate reputation in standalone Hong Kong and US IPOs, and also has a strong track record in dual listings. Clients of the firm include Chinese companies, international banks, institutional investors and private equity houses. The practice is also active in pre-IPO investments, offerings, share sales, take-private transactions and regulatory advice. Co-head David Zhang has acted for Chinese/other Asian companies and underwriters on more than 75 US IPOs and 40 Hong Kong IPOs. He also advises public companies on corporate governance, disclosure and investigations. Li-Chien Wong, who co-heads the team with Zhang, is another key figure. Amanda Tang and Susan Wang both made partner. Wanda Woo moved to Wilson Sonsini Goodrich & Rosati.

Practice head(s):

David Zhang; Li-Chien Wong

Other key lawyers:

Ben James; Meng Ding; Amanda Tang; Susan Wang

Key clients

Credit Suisse, Goldman Sachs, CICC and China Renaissance

JP Morgan, CLSA, Citi, HSBC, Fosun Hani, ABCI Capital, AMTD Global, Credit Agricole CIB, CMB International, Haitong International, ICBC International, Natixis, Nomura International, Societe Generale, Futu Securities, Guotai Junan, Head & Shoulders, SBI China and Zhongtai International

Studio City International Holdings Ltd

Morgan Stanley, Bank of America Merrill Lynch, China Renaissance Holdings Limited, UBS Investment Bank, China International Capital Corporation Limited, China Securities (International) Corporate Finance, Mirae Asset Daewoo Co., Ltd., China Merchants Securities Co., Ltd., Bank of China International Holdings Limited, Haitong Securities Co., Ltd., CMB International Capital Corporation Limited, Futu Securities International (Hong Kong) Limited, ICBC International Holding Limited and AMTD Group Company Limited

Shanghai Dongzheng Automotive Finance Co., Ltd

Opera Limited

Credit Suisse, Goldman Sachs, UBS and Needham

Morgan Stanley, J.P. Morgan Securities, CMBI, CLSA, Credit Suisse, CCBI, ICBCI, ABCI, China Merchants Securities, AMTD and Futu Securities – on Tongcheng

Mobvista Inc

CICC, Deutsche Bank and Citigroup

Chengdu Expressway Co. Ltd

Credit Suisse, China Merchants Securities, China International Capital Corporation, SPDB International, Haitong Securities and Futu Securities

RISE Education Cayman Limited

Morgan Stanley and Goldman Sachs

Credit Suisse, Citigroup and Needham

Citigroup Global Markets Inc., Haitong International Securities Company Limited, AMTD Global Markets Limited, Lighthouse Capital International Inc., China Securities (International) Corporate Finance Company Limited, Tianfeng International Securities Limited, HeungKong Securities Limited and Khorgos Zhengdao North Beta Consulting Co., Ltd

Roth Capital Partners and Shenwan Hongyuan Securities

Jiayin Group Inc

Maxim Group and AMTD Tiger

Canada Pension Plan Investment Board

Bain Capital Private Equity

Work highlights

  • Acted for the underwriters on Pinduoduo’s $1.6bn US IPO.
  • Acted for the underwriters on Fosun Tourism Group’s $428m Hong Kong IPO.
  • Advised Studio City International Holdings Ltd on its $359m US IPO.
  • Acted for the underwriters on Maoyan Entertainment’s $250m Hong Kong IPO.
  • Acted for Shanghai Dongzheng Automotive Finance Co. Ltd on its $280m Hong Kong  IPO.

Latham & Watkins LLP

Latham & Watkins LLP advises issuers and managers on the Hong Kong, US and English law issues associated with a full range of equity products and debt and equity-linked products. The team works closely with the banking practice to provide a full service to clients. It generates work from issuers in sectors such as financial institutions, education, technology, healthcare, retail, manufacturing and public utilities. It is also a top choice among many underwriters. Group head Cathy Yeung has over 20 years of capital markets experience. Other recommended individuals include Dominik Sklenar and Daying Zhang - who were both recently promoted to partner - and Allen Wang and Terris Tang.

Practice head(s):

Cathy Yeung

Other key lawyers:

Dominik Sklenar; Daying Zhang; Allen Wang; Terris Tang; Amy Beckingham; Benjamin Su; Zheng Wang

Testimonials

‘The team is responsive to clients’ requests’.

‘Benjamin Su has good technical skill and can remain calm amid deadlines and pressures from professional parties’.

‘A reliable team for advice on US securities law’.

‘Very professional, highly focused on achieving client outcomes and a good knowledge of laws and regulations’.

‘Terris Tang is excellent to work with, very calm, pragmatic and consistent’.

‘Terris Tang is attentive to clients’ requests and provides satisfactory solutions’.

‘Mandy Wong has delivered very impressive work, and her technical skill is reliable beyond doubt’.

Key clients

China Risun Group

Citigroup Global Markets, Inc.

Deutsche Bank Securities, Inc.

ESR Cayman Limited

Foshan Water Environmental Co. Ltd

Goldman Sachs (Asia) LLC

J.P. Morgan Securities LLC

Merrill Lynch

Morgan Stanley

Shenwan Hongyuan Securities (H.K.) Limited

Sinovac Biotech Ltd.

ICBC International

ABC International

CLSA

Warburg Pincus

Work highlights

  • Advised Shenwan Hongyuan Securities (H.K.) Limited, Goldman Sachs (Asia) L.L.C, ICBC International Securities Limited and ABCI Securities Company Limited as the underwriters on Shenwan Hongyuan Group’s HK$9.1bn Hong Kong IPO.
  • Advised Morgan Stanley & Co. LLC, Goldman Sachs (Asia) L.L.C, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc, Citigroup Global Markets Inc, Credit Suisse Securities (USA) LLC, UBS Securities LLC and WR Securities LLC as the underwriters on NIO’s $1bn US IPO.
  • Advised Goldman Sachs (Asia) LLC, UBS Investment Bank, Credit Suisse, HSBC and BOCI as the underwriters on Futu Holdings Limited’s $103m US IPO.
  • Advised the underwriters (including CCB International Capital Limited and CLSA Capital Markets Limited) on Jiangxi Bank’s $1.1bn Hong Kong IPO.
  • Advised China Risun Group Limited on its $246m Hong Kong IPO.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP has an integrated team in Hong Kong and Beijing, which excels in US and Hong Kong IPOs, and other equity capital markets transactions originating from Hong Kong, Taiwan and mainland China. Celia Lam, who is the head of the China practice, combines experience of securities offerings and listings with expertise in public takeovers and private M&A. Chris Lin has 27 years of capital markets experience, which has seen him advise on IPOs in the US, Greater China and Singapore. Counsel Marjory Ding handles public and private offerings of equity securities, and also advises on corporate governance issues. Christopher WongDaniel Fertig, and counsels Yi Gao and David Lee, are other key practitioners. Clients include SOEs and multinational corporations.

Practice head(s):

Celia Lam; Chris Lin; Daniel Fertig; Christopher Wong

Other key lawyers:

David Lee; Yi Gao; Marjory Ding

Key clients

51job, Inc.

Alibaba Group Holding Limited

Athenex Inc.

BEST Inc.

Binjiang Service Group

Cango Inc.

China Logistics Property Holdings Co., Ltd

Crystal International Group

Ganfeng Lithium Co., Ltd.

GDS Holdings Limited

GreenTree Hospitality Group Limited

Hon Hai Precision Industry Co., Ltd.

Honma Golf Limited

Inke Limited

JNBY Design Limited

LightintheBox

Mulsanne Group

Natural Food International Holdings

Ozner Water International Holding Limited

Phoenix New Media

Qudian Inc.

Qutoutiao Inc.

Regina Miracle International (Holdings) Limited

Ruhnn Holding Limited

United Microelectronics Corporation

Yingli Green Energy Holding Company Limited

Zhenro Properties Corporation

Zhou Hei Ya International Holdings Company Limited

Bank of American Merrill Lynch

Bank of China International

CCB International

China Merchants Securities

CICC

Citigroup

CLSA

Credit Suisse

Deutsche Bank

Goldman Sachs

Haitong Securities

HSBC

J.P. Morgan

Macquarie Capital

Morgan Stanley

UBS

Work highlights

  • Acted for Morgan Stanley, Credit Suisse, J.P. Morgan and CICC – as the representatives of the underwriters – on the $121m IPO and Nasdaq listing of Yunji Inc.
  • Acted for Deutsche Bank Securities and CICC as the representatives of the underwriters on the $179.4m IPO and Nasdaq listing of So-Young International Inc.
  • Acted for Ruhnn Holding Limited on its $125m IPO and Nasdaq listing.
  • Acted for GDS Holdings Limited on its $460m follow-on offering and a $150m equity investment by Ping An Overseas Holdings.
  • Acted for Qutoutiao on its $96.6m IPO on Nasdaq, as well as its $100m follow-on offering and loan agreement with Alibaba.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP's team has a well-established reputation in big-ticket US IPOs, as is evidenced by its work in more than 60 NASDAQ and New York Stock Exchange (NYSE) listings involving Chinese companies in the past decade. It is also highly reputed in Hong Kong IPOs, having acted on over 60 completed listings since 2005. Equity offerings involving other markets across the Asia-Pacific region are another mainstay of the practice. In addition to advising underwriters, and financial intermediaries and other institutions, it also acts for companies in sectors such as technology,  gaming, mining and real estate. Recent work has seen the firm feature particularly prominently in new economy IPOs. Julie Gao is the head of the China practice, with other key figures including Paloma WangEdward LamChristopher Betts and counsel Anthony PangJonathan Stone also handles corporate finance transactions for issuers and underwriters. In 2018, of counsel John Hartley joined from Gibson Dunn. Will Cai  moved to Cooley LLP.

Practice head(s):

Julie Gao; Jonathan Stone

Key clients

Xiaomi

Meituan-Dianping

iQIYI

Pinduoduo

Nio

BeiGene

Innovent

Bilibili

YY

Huya

Work highlights

  • Acted for Xiaomi Corporation (China) on its $5.4bn IPO and listing on the Hong Kong Stock Exchange.
  • Acted for Meituan Dianping (China) on its $4.2bn IPO and listing on the Hong Kong Stock Exchange.
  • Acted for iQIYI, Inc. (China) on its spin-off from Baidu, Inc. (China) via a $2.25bn IPO of American Depositary Shares and listing on Nasdaq.
  • Acted for Pinduoduo Inc. (China) on its $1.63bn IPO of American Depositary Shares and listing on Nasdaq.
  • Acted for Morgan Stanley, Goldman Sachs (Asia) L.L.C, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc, Merrill Lynch and Pierce, Fenner & Smith Incorporated as joint bookrunning mangers on Tencent Music Entertainment Group (China)’s $1.1 bn IPO of American Depositary Shares and listing on the New York Stock Exchange.

Allen & Overy

Allen & Overy is well-placed to undertake the gamut of domestic and cross-border capital markets transactions for clients, with its team having extensive expertise in Hong Kong, English and New York law. The Hong Kong team works closely with other offices in the Asia-Pacific region to provide an integrated service, including those in Singapore, Bangkok, Ho Chi Minh City, Jakarta and Sydney. The group's varied portfolio of work includes IPOs, rights issues, secondary share offerings and compliance advice. In addition to assisting international banks, it also acts for corporates on their most complex equity offerings. The team is particularly noted for its focus on new economy industries, such as life sciences, TMT, education and fintech. It is also active in other sectors, such as automobile, aviation and infrastructure. Lina Lee heads up the team, which includes US securities law experts Alex Tao and Liu Kung-WeiJonathan Hsui and Michael Jacobs are also recommended. Of counsel Ryan Tou joined from Skadden, Arps, Slate, Meagher & Flom LLP in 2018. Counsel Donnelly Chan left the firm for Linklaters.

Practice head(s):

Lina Lee

Other key lawyers:

Liang Tao; Jonathan Hsui; Michael Jacobs; Kung-Wei Liu; Alex Tao; Sylvester Sung

Key clients

BNP Paribas

CICC

China Gas

CLSA

Diageo

Duiba Group

Morgan Stanley

UMP Healthcare

UBS

Wisdom Education

Work highlights

  • Acted as the Hong Kong and US legal advisers to Duiba Group Limited (Duiba) on its listing on the Hong Kong Stock Exchange.
  • Advised the sole sponsor and underwriters on the global offering and listing of shares of Scholar Education Group (Scholar Education) on the Hong Kong Stock Exchange.
  • Advised HKEX-listed Wisdom Education International Holdings on the HK$500m convertible loan facility granted by China Ping An Insurance Overseas (Holdings) Limited. Part of the convertible loan will be converted into ordinary shares of Wisdom Education upon maturity.
  • Advised CLSA, UBS, CICC and CMB International as placing agents on the $1bn equity fundraising by Hong Kong and Shenzhen dual-listed China Vanke by way of a placement of new H-shares.
  • Advised HKEx-listed China Gas Holdings Limited on its $450m placement of shares by option holders under an employee incentive scheme, and on related financing matters.

Herbert Smith Freehills

Herbert Smith Freehills acts for issuers, underwriters and shareholders on a wide range of public and private equity offerings. The group has extensive expertise in all types of Hong Kong, English and US law issues. Illustrative of the scope of its work, it advises on IPOs and a wide range of secondary offerings, including private placements, rights issues, block trades and accelerated entitlement offerings. Clients include international corporates, Chinese SOEs, development banks and investment banks. Matthew Emsley heads up the team, which saw Jeremy Shen arrive as a senior consultant from Cleary Gottlieb Steen & Hamilton. Other highly regarded practitioners are Jason SungTommy Tong  and senior associate George Wu.

Practice head(s):

Matthew Emsley

Other key lawyers:

Jeremy Shen; George Wu; Jason Sung; Tommy Tong

Testimonials

‘They have a strong team with a lot of experience in various sectors’. 

‘The senior associates are well-trained and their fees are very reasonable given the quality of their work’.

‘Matthew Emsley is a commercially sensible partner, who speaks fluent Mandarin and is also a member of the listing hearing committee’.

Key clients

Shanghai Junshi Biosciences Co., Ltd

Zhejiang Cangnan Instrument Group

China Everbright International Limited

Macquarie /Xinhua Education Group

China Everbright Water Limited

Duiba Group Limited

China International Capital Corporation Hong Kong Securities (CICC)/ Red Star Macalline Group

Goldman Sachs/UBS/Hua Medicine

Goldman Sachs/HSBC/PICC

Shanghai Gench Education Group Limited

Goldman Sachs/ Longfor properties

ICBC International Holdings Limited (ICBCI)/ TOT Biopharm Co., Ltd.

Work highlights

  • Acted for Citibank, Credit Suisse, Fosun Hani, CICC, China International Securities and Caitong International Securities (as joint bookrunners and lead managers), and CICC as the sole sponsor, on Shanghai Junshi Biosciences’ $394m IPO and listing on the Hong Kong Stock Exchange.
  • Advised Macquarie on the $166m IPO of Xinhua Education Group.
  • Advised China Everbright Water Limited on its IPO and dual listing on the Hong Kong Stock Exchange.
  • Advised Duiba Group Limited on its HK$666m IPO.
  • Acted for China International Capital Corporation Hong Kong Securities (CICC), as the financial adviser to Red Star Macalline Group, on a general offer to repurchase up to 389 million shares.

Linklaters

Linklaters added to its bench of experts by hiring counsel Donnelly Chan from Allen & Overy. Its team is highly regarded in IPOs, rights issues, open offers and block trades, among other equity offerings. Reflective of its regional coverage, recent mandates involved transactions in Thailand, Japan, the Philippines and Malaysia, as well as Hong Kong and China. Clients include major international banks and other financial institutions, as well as corporates. Gilbert Li has particular experience of acting for technology, biotech and other new economy companies. Li co-heads the team with Kevin Cheung. Other key figures are Robert CleaverChristopher YipPatrick SheilIris Leung and Hyung Ahn (whose practice is split between Singapore and Hong Kong).

Practice head(s):

Gilbert Li; Robert Cleaver; Kevin Cheung

Other key lawyers:

Craig Dally; Iris Leung; Donnelly Chan

Testimonials

‘Linklaters is one of the few firms that has strengths in pretty much all aspects of corporate deals and is our top choice whenever a high-profile or complex IPO comes along’.

‘All the senior team members that I have worked with (especially partners, counsels and senior associates) are very hands-on and dedicate a lot of senior attention and time to each transaction’.

‘I am particularly impressed by the top quality and responsive service that they always deliver’.

‘Gilbert Li is very hands-on and dedicated much of his time on the transactions, I am most impressed by his commercial awareness and understanding of the interaction between business and legal aspects of a transaction’.

‘Senior associate Gary Tsang is a top-notch lawyer, very mature, commercially-aware and willing to go the extra mile to help clients and give good advice’.

Key clients

Qingdao Haier

China Merchant Securities

CICC

CCB International Capital Limited

Bank of America Merrill Lynch

ICBC International Capital Limited

Deutsche Bank

HSBC

JP Morgan

DBS

China Tobacco International

Citigroup

UBS

Link REIT

Huatai Securities

Work highlights

  • Advised Qingdao Haier on its €320m first-ever D-share offering and listing on the Frankfurt Stock Exchange.
  • Acted as Hong Kong and US legal counsel to (among others) CCB International Capital Limited, China Securities (International) Corporate Finance Company Limited and ICBC International Capital Limited on Shandong Gold Mining’s HK$5.25bn IPO on the Hong Kong Stock Exchange.
  • Advised the joint sponsors China International Capital Corporation, Hong Kong Securities Limited and China Merchants Securities (HK) Co., Limited on China Tobacco International (HK)’s circa HK$800m listing on the Hong Kong Stock Exchange and public offering.
  • Advised J.P. Morgan Securities plc, Morgan Stanley & Co. International Limited, Credit Suisse Securities (Europe) Limited, HSBC Bank plc and Huatai Financial Holdings (Hong Kong) Limited on the $1.54m IPO of Huatai Securities; this is the first IPO under the new Shanghai-London Stock Connect scheme.
  • Advised China Securities (International) Corporate Finance Company Limited as the sole sponsor on Rizhao Port Jurong’s HK$500m Hong Kong Stock Exchange IPO and listing.

Norton Rose Fulbright

Norton Rose Fulbright's strong credentials in the equity capital markets arena are illustrated by the fact that recent mandates involved industries such as technology (including fintech and biotech), life sciences, real estate, education and energy. Led by Psyche Tai, its group provides the full scope of advice on IPOs, rights issues, public M&A, share placements and block trades. A name to note is Terence Lau, who has over 20 years of private practice experience in Hong Kong. Another key figure is Doris Ng, who has worked with Tai to build up the firm's relationships with investment banks and institutional corporate clients. Winnie ChanVicky Lam and Harold Tin are other notable partners, as is Margie Chan, who was hired from Davis Polk & Wardwell LLP. Senior associate Aldo Chan is also recommended. Allan Yee rejoined the firm as a consultant from Lei Shing Hong Limited.

Practice head(s):

Psyche Tai

Testimonials

‘Attentive to details, prompt responses, practical solutions and hands-on partners’.

Key clients

BNP Paribas Securities (Asia) Limited

BOCI Asia Limited

China Galaxy International Securities (Hong Kong) Co., Limited

China International Capital Corporation Hong Kong Securities Limited (CICC)

Citigroup Global Markets

CMB International

Goldman Sachs (Asia) LLC

Guotai Junan Capital Limited

Haitong International Capital Ltd

HSBC

JHP Fintech Inc.

Macquarie

Zhongtai International Capital

Work highlights

  • Advised HSBC and Goldman Sachs (Asia) LLC as the joint sponsors on Country Garden Holdings’ spin-off and listing of its property management services business on the Main Board of the Hong Kong Stock Exchange.
  • Advised China International Capital Corporation Hong Kong Securities Limited (CICC) as the sole sponsor, and CICC and CLSA Limited as the joint global coordinators, on the HK$1.61bn global offering and listing on the Main Board of the Hong Kong Stock Exchange of China Isotope & Radiation Corporation.
  • Advised HSBC and Citigroup Global Markets Limited as the joint placing agents on the circa HK$1.32bn top-up placing by Main Board-listed company Xinyi Solar Holdings Limited.
  • Advised Haitong International Capital Limited, as the sole sponsor and sole global coordinator, on the listing of Pujiang International Group Limited (Pujiang) on the Main Board of the Hong Kong Stock Exchange.
  • Advising Macquarie as the sole sponsor on the proposed IPO and listing of JH Educational Technology INC on the Main Board of The Stock Exchange of Hong Kong.

Paul Hastings LLP

Paul Hastings LLP's Hong Kong team, which is jointly led by Raymond Li and Xhaoyu Ren, covers the full spread of matters for clients, including IPO and global offerings, rights issues, placings, block trades, follow-on offerings and regulatory advice. It is particularly strong in transactions with a nexus to the real estate sector, as well as those involving the banking and finance industry. In 2018, the group was strengthened by the arrival of Wendy Hung, who joined as a director of regulatory affairs from the Hong Kong Stock Exchange. In addition, Jason Kuo and Samuel Ng were hired from Troutman Sanders LLP and Morrison & Foerster respectively. In more recent developments, Bonnie Kong and Vincent Wang made partner. Steven Winegar  departed for Ping An Group and Bonnie Yung moved to LC Lawyers LLP, while Nan Li joined Tian Yuan Law Firm.

Practice head(s):

Raymond Li; Zhaoyu Ren

Key clients

Morgan Stanley

CICC

Haitong

CITIC CLSA

New Focus Auto Tech Holdings Limited

CMB International Capital Limited

CCB International Capital Limited

Huatai Financial Holdings (Hong Kong) Limited

Guotai Junan Capital Limited

BOCI Asia Limited

Credit Suisse

HSBC

Citi

SoftBank Vision Fund

Zhongyuan Bank

CIMB Investment Bank

Shanghai Industrial

Fosun

China Merchants Securities

Bank of Gansu Co. Ltd

Jiangxi Bank Co. Ltd

Luzhou City Commercial Bank

SIIC Environment Holdings Ltd

Redsun Properties Group Limited

DaFa Properties Group Limited

Ascletis Pharma

Midea Real Estate Holding Limited

Fosun Tourism Group

CanSino Bio

Work highlights

  • Acted for Jiangxi Bank on its $952m global offering and listing of H shares on the Hong Kong Stock Exchange.
  • Advised Luzhou City Commercial Bank on its $221m global offering and IPO on the Hong Kong Stock Exchange.
  • Acted for Midea Real Estate Holding Limited, a large renowned national property developer in the PRC, on its $392m global offering and IPO on the Hong Kong Stock Exchange.
  • Acted for Redsun Properties Group Limited, a leading comprehensive property developer in Jiangsu Province, China, on its $234m global offering and IPO on the Hong Kong Stock Exchange.
  • Acted for DaFa Properties Group Limited on its $107m global offering and Hong Kong IPO. CCB International was the sole sponsor and sole global coordinator for the listing.

Slaughter and May

Slaughter and May has a 20-year track record of handling some of the most high-profile and significant equity capital markets transactions in Hong Kong, PRC and the wider Asia-Pacific region. Its team has proven expertise in IPOs, secondary placings and strategic placings, among other matters. Clients turning to the firm for advice include major corporate issuers, investment banks and sovereign governments. Benita YuPeter Brien and John Moore (who is US and Hong Kong-qualified) are among a number of key partners in the group, as is Jing Chen, who rejoined the firm from the Listing Division of Hong Kong Exchanges and Clearing Limited (HKEX). Roger Cheng departed for the Securities and Future Commission.

Practice head(s):

Benita Yu; John Moore; Peter Brien; Jason Webber; Lisa Chung; Jing Chen; Clara Choi

Work highlights

  • Advised the joint sponsors and joint global coordinators on the dual primary listing and global offering of shares of Yancoal Australia Ltd on the Main Board of the Hong Kong Stock Exchange, which raised circa $151m.
  • Advised China International Capital Corporation Hong Kong Securities Limited and Goldman Sachs (Asia) L.L.C, acting as joint placing agents, on China Resources Cement Holdings Limited’s HK$4.18bn top-up placing of shares.
  • Advised Alibaba Group Holding Limited (Alibaba) on its cornerstone investment, through its indirect wholly-owned subsidiary Taobao China Holding Limited (Taobao), on the IPO and listing on the Main Board of the Hong Kong Stock Exchange of Fosun Tourism Group (FTG).
  • Advised Tencent Holdings Limited on Hong Kong law matters relating to the IPO of its majority-owned subsidiary, Tencent Music (TME) in the United States.
  • Advised Credit Suisse (Hong Kong) Limited, as manager, on the HK$1.27bn secondary placing of shares in Genscript Biotech Corporation.

Sullivan & Cromwell

Sullivan & Cromwell's Hong Kong team works with the Beijing office to provide comprehensive advice on a full range of equity offerings for clients based in Greater China, the Asia-Pacific region and further afield internationally. Its ability to advise on Hong Kong, US and English law makes it a first port of call for many high-end matters. It distinguishes itself in particularly complex mandates, such as dual listings on the Hong Kong Stock Exchange and the Shanghai Stock Exchange, as well as those involving the Hong Kong Stock Exchange and US stock exchanges. It has acted on IPOs involving entities in sectors such as banking, biotech, retail, education, energy and natural resources, real estate and TMT, among others. The Hong Kong group is jointly led by Kay Ian NgChun Wei and Ching-Yang Lin.

Practice head(s):

Kay Ian Ng; Ching-Yang Lin; Chun Wei;

Other key lawyers:

Garth Bray

Work highlights

  • Advised an existing shareholder of BeiGene and a cornerstone investor on BeiGene’s $903m global offering and second primary listing on the Hong Kong Stock Exchange.
  • Advised the underwriters on China East Education Holdings Limited’s $625m IPO and listing of shares on the Hong Kong Stock Exchange.
  • Advised the underwriters on Taiwan Cement Corporation’s listing on the Luxembourg Stock Exchange of $549m worth of global depositary receipts.
  • Advised China Tobacco International (HK) Company Limited on its $104m listing on the Hong Kong Stock Exchange and IPO.
  • Advised the underwriters on Redsun Properties Group Limited’s IPO and listing on The Hong Kong Stock Exchange.

Ashurst

Ashurst's practice has built up a loyal client following, particularly among the world's largest investment banks and leading financial institutions in the Asia-Pacific region. With it demonstrating proven expertise across the full range of equity offerings, it also has a strong profile among Chinese corporates. Stuart Rubin and Frank Bi are the key partners in the team, whose transactional experience spans sectors such as financial services, pharmaceuticals, biotech, digital, infrastructure, and energy and natural resources. Counsel Li Jiang, who is Hong Kong and New York-qualified, is experienced in Rule 144A/Regulation S offerings and Hong Kong IPOs.

Practice head(s):

Stuart Rubin; Frank Bi

Other key lawyers:

Li Jiang

Key clients

Bank of America Merrill Lynch

CIMB

Citi

CMB International

Credit Suisse

Goldman Sachs

ICBC International

Kotak

Nomura

UBS

Work highlights

  • Advised UBS and CMB International as joint sponsors and joint global coordinators on the HK$1.28bn global offering and listing of shares of Mobvista Inc. on The Hong Kong Stock Exchange.
  • Acted for Credit Suisse as the placing agent on the HK$584.4m block trade of shares by Meituan Dianping.
  • Acted for Credit Suisse and UBS as the placing agents on Xtep International’s HK$1.37bn top-up placing.
  • Acted for ICBC International on its $8m Series C investment in healthcare company Grail, Inc.
  • Acted for UBS as sole manager on the $240m block trade of shares of Philippines-listed Ayala Corporation by Mitsubishi.

Deacons

Deacons' market presence is reflected by the fact that it has acted on circa 10% of all completed IPOs in Hong Kong since 2014. Beyond handling company listings, it has an outstanding track record in secondary offerings, transfers of listings and the full suite of follow-on corporate transactions, among other matters. The firm's diverse client roster includes Chinese financial institutions, international investment banks and corporates. It has built up a particularly strong reputation advising Japanese companies on listings on the Hong Kong Stock Exchange. Ronny Chow and Eugina Chan jointly lead the team, which was strengthened by the arrival of Peter Cheng from Davis Polk & Wardwell LLP in 2018. Other key figures include Rhoda Yung and Sabrina Fung, who have collectively amassed over 40 years of capital markets experience. Dennis Chan made senior associate in 2019. Senior associate Doris Leung is also recommended.

Practice head(s):

Ronny Chow; Eugina Chan

Other key lawyers:

Doris Leung; Rhoda Yung; Maynard Leung; Sabrina Fung; Gary Wong; Peter Cheng 

Testimonials

‘They are professional and experienced, and devote sufficient resources and attention to each job’. 

‘Ronny Chow, who is extremely experienced, is helpful and ready if I need advice from him’. 

‘Maynard Leung is very hands-on, hard working and has good knowledge of the Listing Rules’.  

‘The team is very responsive with its solid technical knowledge, and is able to provide prudent legal advice’.

‘Rhoda Yung is a very responsive partner’.

Key clients

ABCI Capital Limited

BNP Paribas Securities (Asia) Limited

China Everbright Capital Limited

Dongxing Securities (Hong Kong) Company Limited

Guotai Junan Capital Limited

Haitong International Capital Limited

ICBC International Capital Limited

Renrui Human Resources Technology Holdings Limited

Shenwan Hongyuan Capital (H.K.) Limited

Tai Hing Group Holdings Limited

Work highlights

  • Deacons advised BNP Paribas Securities (Asia) Limited (as the sole sponsor) and the underwriters on the spin-off and Main Board IPO of Xinyi Energy Holdings Limited.
  • Advised Tai Hing on its Hong Kong Main Board IPO.
  • Advised the sole sponsor ICBC International Capital Limited and the underwriters on the Hong Kong Main Board IPO of Yincheng International Holding Co., Ltd.
  • Advised Haitong International Capital Limited (as the sole sponsor) and the underwriters on the Hong Kong Main Board IPO of Ever Sunshine Lifestyle Services Group Limited.
  • Advised S.A.I. Leisure on its Hong Kong Main Board IPO.

DLA Piper

DLA Piper covers the entire suite of equity capital markets transactions for issuers and underwriters, for whom it advises on a full range of Hong Kong, US and UK law issues. Its practice attracts a significant amount of high-end work, as is evidenced by its heavy involvement in US and Hong Kong IPOs, pre-IPO investments, spin-off listings, M&A and compliance matters, among other key mandates. The team's expertise spans a wide range of industries, including e-commerce, technology, education, aviation, finance, transportation and life sciences. Melody He-Chen's experience includes US and Hong Kong listings, rights issues and share placements. Christina LohHenry Cheng and of counsel Janny Tai are other notable individuals in the group. US-qualified lawyer Yang Ge joined the Beijing office from Shearman & Sterling LLP.

Other key lawyers:

Yang Ge (Beijing); Melody He-Chen; Christina Loh; Janny Tai; Henry Cheng 

Testimonials

‘The DLA Piper team is able to differentiate itself from those at other firms, with its diversified skillsets across a broad range of capital markets transactions’.

‘The team has strong execution capability in completing capital markets transactions with challenging timetables and is very experienced in advising public companies on listing rules compliance’.

‘They are highly responsive to clients’ needs’.

‘Melody He-Chen has years of experience advising on complex capital markets transactions and is well-regarded by the market for her strong execution ability’.

‘Melody He-Chen is able to offer practical and innovative advice to clients with a commercial mind’.

‘Janny Tai is very knowledgeable about  listing rules and has broad experience in advising listing transactions, as well as compliance and regulatory related matters.’ 

‘The DLA Piper team is experienced in a broad range of capital markets transactions including public offerings, private placements, pre-IPO investments, major transactions of public companies, as well as listed compliance work’.

‘As a full service law firm, they are able to coordinate with other practice groups to support our business needs’.

‘The firm has a broad global footprint and is well-positioned to advise on transactions involving various overseas jurisdictions’.

‘The team is experienced and highly responsive, and is able to provide practical and commercially viable solutions in addressing our issues’.

Key clients

Ping An Insurance

International Intelligent Machines

China Communication Technology

Yestock Car Rental Company Limited

CSSC Offshore & Marine Engineering

Semiconductor Manufacturing International Corporation

Medialink Group

Hydoo International

Qualcomm

AAG Energy

Hong Kong Television Network

Work highlights

  • Advised Ping An Insurance (as a controlling shareholder) on its pre-IPO restructuring and the successful $1.1bn listing of shares of Ping An Healthcare & Technology Company (Ping An Good Doctor) on the Main Board of the Hong Kong Stock Exchange.
  • Assisted Yestock Car Rental Company Limited, which is a leading China-based car-rental firm, with its share equity financing with multiple investors.
  • Acted for International Intelligent Machines Co., Ltd, which is a leading Chinese intelligent service robot developer and manufacturer, on its securities issuance and equity financing

Hogan Lovells

Hogan Lovells' team is valued by Asia-based issuers and underwriters for its experience of US and Hong Kong IPOs, as well as private placements of equity and equity-linked securities, rights issues and all other types of equity fund raisings. Clients include investment banks and companies in the real estate, consumer, energy, life sciences, industrial and TMT sectors. Stephanie Tang, who joined from Shearman & Sterling in January 2019, co-heads the team with Sammy Li, Stephen Peepels and Nelson Tang. Li has led on more than 40 Hong Kong equity capital markets transactions, including IPOs, global offerings and rights issues. Tang has previous experience of working as an in-house counsel at an international investment bank. Peepels is the head of the firm's US securities practice in the Asia-Pacific. Senior associates Jeffrey Lee and Samson Suen are also recommended.

Practice head(s):

Stephanie Tang; Sammy Li; Stephen Peepels; Nelson Tang 

Other key lawyers:

Jeffrey Lee; Samson Suen

Key clients

UBS AG Hong Kong Branch

Work highlights

  • Advising UBS as the financial adviser to Sinotrans Shipping (Holdings) Limited on the proposed privatisation of Sinotrans Shipping Limited by way of a scheme of arrangement.
  • Advising UBS as the placing agent for Qatar Investment Authority on the HK$5.2 bn share sell down of its 23.16% stake in each of Lifestyle International Holdings Limited (the parent company of Sogo) and Chinese affiliate Lifestyle China Group Limited.

King & Wood Mallesons

King & Wood Mallesons captures a significant share of the market for Hong Kong listings; it advised on 26 out of 143 listings in 2018. Complementing its Hong Kong law expertise, the team provides comprehensive advice on PRC, US, English and Australian securities law issues. In addition to providing an end-to end user service on all aspects of the listings lifecycle, (including pre-IPO investments), the group handles a full range of secondary offerings, and also provides ongoing corporate and regulatory advice. Clients include issuers and underwriters, investment banks, SOEs and red-chip companies. The team - which is jointly led by Sheldon TseGary Lock and Candy Chan - includes John Baptist ChanAnthony Wan and counsel Sheryl Cheung. Notable developments saw US capital markets specialist Wang Yu join from Morrison & Foerster and counsel Tony Jacobsen arrive at the firm from the Hong Kong Stock Exchange.

Practice head(s):

Sheldon Tse; Gary Lock; Candy Chan

Other key lawyers:

Yu Wang; Tony Jacobsen; Sheryl Cheung; Anthony Wan; John Baptist Chan 

Testimonials

‘John Chan is always reachable and has a great way of communicating his ideas to his clients’.

‘John Chan’s affable and approachable nature makes him a joy to work with’.

Key clients

OPUS Group Limited / Left Field Printing Group Limited

Prinx Chengshan (Cayman) Holding Limited

LH Group Limited

Citigroup

CLSA Limited

GTA Semiconductor Co., Ltd.

Qingdao West Coast Holdings (Internation) Limited

Sun Hung Kai Investment Services Limited

Huatai Financial Holdings (Hong Kong) Limited

Work highlights

  • Advised OPUS Group Limited (OPUS Group) on its move from the Australian Securities Exchange (ASX) through a first-of-its-kind scheme of arrangement and listing on the Main Board of The Stock Exchange of Hong Kong (HKEX) of its newly incorporated Bermudan holding entity.
  • Advising GTA Semiconductor Co., Ltd. (GTA Semiconductor) – an indirect wholly-owned subsidiary of China Electronics Corporation (CEC) – on the privatisation of Advanced Semiconductor Manufacturing Corporation Limited by way of merger by absorption.
  • Advised Altus Capital Limited as the sponsor, and Get Nice Securities Limited and Sun Hung Kai Investment Services Limited as underwriters. on the approximately HK$101m listing of Dragon Mining Limited on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX).
  • Advised Huatai Financial Holdings (Hong Kong) Limited as the sole sponsor and other underwriters on the global offering and listing of Xinchengyue Holdings Limited (Xinchengyue) on the Main Board of the Hong Kong Stock Exchange.

Morgan, Lewis & Bockius (in association with Luk & Partners)

Morgan, Lewis & Bockius (in association with Luk & Partners) has strong capabilities in both domestic and international capital markets transactions, with its team having expertise in Hong Kong, China, US and UK law. All members of the group are bilingual or trilingual, speaking Mandarin, Cantonese and English. On the IPO front, the group is particularly well-known for its work in the education sector, but its experience of advising issuers and underwriters also spans many other industries, such as energy, real estate and consumer services. It acted on seven completed IPOs on the Main Board of the Hong Kong Stock Exchange in 2018. Asia capital markets head Edwin Luk alone has handled more than 100 completed IPOs in Hong Kong for Chinese issuers and underwriters since 2006. In addition to assisting clients with new listings, the firm's other work includes post-IPO placements, rights issues, dual listings and delistings. June ChanBilly Wong and Keith Cheung are also recommended.

Practice head(s):

Edwin Luk

Testimonials

‘Accessible senior partners’.

‘Highly experienced in their field with excellent judgment. We can trust them with complex and sensitive capital markets transactions’.

‘The team has a broad spectrum of industry knowledge, and is always trying to push the deal forward.’

‘The firm is a big help in demanding and time-consuming due diligence exercises’.

‘The whole team impresses with its speed and quality of work’.

‘A dominant player in the Chinese IPO market, Edwin Luk is the top choice for complex issues – the clients trust him more than anyone’. 

Work highlights

  • Acted for China Xinhua Education Group on its $168m IPO and listing on the main board of the Stock Exchange of Hong Kong, with concurrent global placement pursuant to Rule 144A and Regulation S.
  • Acted for Sichuan Energy Investment Development on its $61.2m IPO listing of H shares on the main board of the Stock Exchange of Hong Kong, with concurrent global placement pursuant to Regulation S.
  • The firm acted for China Securities International as sole sponsor on the $60.7m IPO listing of Bojun Education Company on the main board of the Stock Exchange of Hong Kong, with concurrent global placement pursuant to Regulation S.
  • The firm acted for China 21st Century Education Group on its $52m IPO and listing on the main board of the Stock Exchange of Hong Kong, with concurrent global placement pursuant to Regulation S.
  • The firm acted for Zengame Technology Holding on its $28.4m IPO and listing on the main board of the Stock Exchange of Hong Kong, with concurrent global placement pursuant to Regulation S.

Morrison & Foerster

Morrison & Foerster, which has been active in the Hong Kong market for more than two decades, works closely with Chinese investment banks and companies on the full range of equity capital markets transactions and post-listing matters. The firm has a particularly strong capability in the life sciences sector; team head Venantius Tan, who has US and Hong Kong securities law expertise, has a wealth of experience of pharmaceutical and biotech IPOs. The practice was bolstered by the arrival of Ke Huang from O'Melveny in May 2019. Counsel Yu Wang left the firm for King & Wood Mallesons, of counsel Samuel Ng moved to Paul Hastings LLP and Xiaohu Ma retired.

Practice head(s):

Venantius Tan

Other key lawyers:

Ke Huang; Vivian Yiu 

Testimonials

‘Good market knowledge and very responsive’. 

Key clients

BOCI Asia Limited

Guotai Junan Securities (Hong Kong) Limited

CLSA Capital Markets Limited

CLSA Limited

Xinjiang Goldwind Science & Technology Co., Ltd.

Ping An Overseas Holdings

Oriental University City Holdings (H.K.) Ltd.

NetDragon Websoft Holdings Limited

Dynagreen Environmental Protection Group Co., Ltd.

Inspur International Ltd.

Science City (Guangzhou) Investment Group Co., Ltd.

Work highlights

  • Acted for the sole sponsor BOCI Asia Limited, the sole global coordinator Guotai Junan Securities (Hong Kong) Limited and the other underwriters on Prinx Chengshan (Cayman) Holding Limited’s HK$904.5m IPO on the Hong Kong Stock Exchange.
  • Acted for the sole sponsor CLSA Capital Markets Limited, the sole global coordinator CLSA Limited and the other underwriters on Binjiang Service Group’s circa HK$466.9m IPO on the Hong Kong Stock Exchange.
  • Acted for wind power company Xinjiang Goldwind Science & Technology Co., Ltd on a HK$5.54m  A Share and H Share rights issue.

O'Melveny

O'Melveny's team is equally highly regarded by underwriters and issuers for its excellent coverage of the full spread of capital markets transactions. In addition to advising on new listings in Hong Kong, it is also active in US IPOs. The group is also sought out to assist clients with secondary and follow-on offerings, as well as Rule 144A, Regulation S, Section 4(a)(2)/Regulation D, PIPEs and other unregistered offerings. Clients include venture-backed entities, SOEs, and private companies. The workload spans a multitude of sectors, including life sciences, healthcare, fintech, retail, technology, media, communications, real estate and energy. The Hong Kong team is jointly led by Edwin KwokKe Zhu and Li Han (who was hired from Shanda Games). Portia Ku relocated to the Hong Kong Office from Silicon Valley. Beijing-based Ke Geng is experienced in assisting companies with public offerings in Hong Kong and the US.

Practice head(s):

Li Han; Edwin Kwok; Ke Zhu; Ke Geng (Beijing)

Other key lawyers:

Portia Ku; Lillian Cheung 

Key clients

Viva Biotech

UP Fintech Holding Limited (Tiger Brokers)

Dexin China Holdings Company Limited

China Securities (International) Corporate Finance Company Limited

Hua Medicine

MicuRx Pharmaceuticals, Inc.

Chen Lin Education/First Shanghai Securities

China International Marine Containers Group (CIMC)

China International Capital Corporation Hong Kong Securities Limited

Deutsche Bank

Guotai Junan

CLSA Limited

JHL Biotech

Central China Real Estate Limited

Work highlights

  • Acted for Viva Biotech on its HK$1.52bn IPO and listing on the Main Board of The Hong Kong Stock Exchange.
  • Acted for UP Fintech Holding Limited (Tiger Brokers) on its $104m Nasdaq IPO.
  • Advised Dexin China Holdings Company Limited on its $190m IPO on the Main Board of the Hong Kong Stock Exchange.
  • Advised China Securities (International) Corporate Finance Company Limited, as the sole sponsor and lead underwriter, on the IPO of FingerTango Inc on the main board of the Hong Kong Stock Exchange.
  • Acted for Hua Medicine on its successful IPO and listing on the Hong Kong Stock Exchange.

Shearman & Sterling

At Shearman & SterlingKyungwon Lee relocated to Hong Kong from the New York office to become the head of capital markets in Asia. In other developments, Max Hua joined from Haiwen & Partners. Equally strong acting for issuers and underwriters, the firm covers the gamut of equity capital markets transactions on the Hong Kong Stock Exchange, with a notable focus on the healthcare and education sectors. It is also sought out for advice on New York Stock Exchange and Nasdaq listings. Matthew Bersani is another key figure in the group.  Colin Law and Peter Chen left the firm for Fangda Partners.

Practice head(s):

Kyungwon Lee

Other key lawyers:

Matthew Bersani; Max Hua; Edward Bong

Key clients

Morgan Stanley

Citigroup Global Markets Limited

CCB International Capital Limited

China International Capital Corporation Hong Kong Securities Limited

China Renaissance Securities (Hong Kong) Limited

CLSA Limited

ICBC International Securities Limited

Nomura International Limited

UBS AG

Work highlights

  • Acted for the underwriters on the $110m global offering and IPO of Hua Medicine Ltd on the Main Board of The Stock Exchange of Hong Kong Limited.
  • Acted for the underwriters on the $1bn global offering and IPO of WuXi AppTec Co., Ltd on the Main Board of The Stock Exchange of Hong Kong Limited.
  • Acted for the underwriters on the circa $214m IPO and global offering of ordinary shares of Koolearn Technology Holding Limited on the Main Board of The Stock Exchange of Hong Kong Limited.
  • Acted for the underwriters on the $204m global offering and IPO of Frontage Holdings Corporation on the Main Board of The Stock Exchange of Hong Kong Limited.
  • Acted for Xinchengyue Holdings Limited on its HK$580m global offering and IPO on the Main Board of The Stock Exchange of Hong Kong Limited.

Baker McKenzie

At Baker McKenzie, the main partners in Hong Kong are Christina Lee and Ivy Wong, who act for issuers and underwriters on Hong Kong IPOs and global Rule 144A/Regulation S offerings, US IPOs and secondary share offerings. They also provide ongoing post-listings support on other corporate and regulatory matters. The firm's standing in the market sees it act for a broad base of clients, such as commercial and investment banks, listed REITs and Chinese SOEs. In addition, it acts for companies across multiple traditional industries (such as real estate, financial services and oil and gas), as well as new economy sectors, including biotech. Beijing-based Jackie Lo oversees the team.

Practice head(s):

Jackie Lo

Other key lawyers:

Ivy Wong; Christina Lee 

Key clients

Kingsoft Corporation Limited

Yanzhou Coal Mining Company Limited

IDG Energy Investment Limited

China Railway Construction Corporation Limited

China Eastern Airlines Corporation Limited

CICC

Credit Suisse

Morgan Stanley

Tencent Holdings Limited

Evergrande Health Industry Group Limited

Spring REIT

Madison Group Holdings limited

Tomson Group Limited

Gemini Investments (Holdings) Limited

Country Garden Holdings Company Limited

Frontier Services Group Limited

Hanvey Group Holdings Limited

Chong Hing Bank Limited

Broad Homes Industrial Group Co., Ltd.

Amuse Group Holding Limited

BOCOM International Holdings Company Limited

SK Holdings Co., Ltd.

APG Strategic Real Estate Pool

LGT Group Foundation

Eastern Media International Corporation

West Knighton Limited

Work highlights

  • Acted as Hong Kong and US law counsel to China International Capital Corporation (CICC), Credit Suisse and Morgan Stanley as the underwriters on the IPO and global offering of Shanghai Dongzheng Automotive Finance Co., Ltd.
  • Advised Tencent Holdings Limited on its $215m pre-IPO investment in Koolearn Technology Holding Limited (‘Koolearn’), and its rights as a shareholder.
  • Advised Evergrande Health Industry Group Limited on its HK$6.7bn acquisition of Season Smart Limited, which holds investment in Faraday Future, an electric vehicle company.
  • Acted for Madison Group Holdings limited on its acquisition of Hackett Enterprises Limited, issuance of shares under specific mandate and application for whitewash waiver.
  • Advised Chong Hing Bank Limited on a $784m rights issue.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton's high-calibre team acts for investment banks, financial sponsors and corporates on all aspects of their most complex US and Hong Kong capital markets transactions. The scope of its work includes IPOs, SEC-registered and Reg S/Rule 144A IPOs and follow-on offerings. The group also has expertise in ancillary post-listing matters, such as corporate governance issues and M&A. The team is jointly led by US-qualified partner Shuang Zhao and Freeman Chan, who has almost 30 years of experience of the Hong Kong capital markets arena. Counsels Robert Williams and Raymond Lam are also notable individuals.

Practice head(s):

Shuang Zhao; Freeman Chan

Other key lawyers:

Raymond Lam; Robert Williams

Key clients

Jinko Solar

Lenovo Group

Morgan Stanley

Credit Suisse

iClick Interactive Asia Group Limited

Work highlights

  • Acted as US counsel to Credit Suisse, Morgan Stanley, China International Capital Corporation, Haitong International, KeyBanc Capital Markets, and Needham & Company as the underwriters on the US IPO of Luckin Coffee.
  • Acted as US and Hong Kong counsel to AsiaInfo Technologies Limited on its HK$865m global offering and listing on the Stock Exchange of Hong Kong.
  • Acted as US counsel to Credit Suisse, Bank of America Merrill Lynch and Citigroup as underwriters on the IPO and listing on the New York Stock Exchange of CooTek (Cayman) Inc.
  • Acted as US counsel to Weidai Ltd on its IPO and listing on the New York Stock Exchange.
  • Acted as US counsel to Morgan Stanley and CICC as the underwriters on the $102.6m US IPO of Viomi Technology.

Eversheds Sutherland

Eversheds Sutherland’s corporate team works closely with its international network to provide full-service support to clients seeking listings in Asia, as well as those pursuing listings on international capital markets. It also handles secondary fund raisings, privatisations, reverse takeovers and regulatory compliance matters. Practice head Stephen Mok has assisted more than 30 companies with securing listings on the Hong Kong Stock Exchange.

Practice head(s):

Stephen Mok

Other key lawyers:

Norman Hui; Sin-Joh Chuang; Amy Yu; Dickson Ng

Testimonials

‘Well organised team, which is led by experienced local partners and foreign- registered lawyers, who cover most major jurisdictions from Hong Kong’.

‘Eversheds Sutherland has very extensive experience and legal knowledge of the Hong Kong capital markets sphere, which makes it stand out among its peers’.

‘Dickson Ng provides hands-on, proactive and commercial advice’.

‘Provide reasonable and practical solutions’.

‘Norman Hui provides substantial support and practical solutions for listing issues’. 

Key clients

BOCOM International (Asia) Limited

Watts International Maritime Engineering Limited

Nomura International (Hong Kong) Limited

Lego Corporate Finance Limited

China Everbright Capital Limited

EuroEyes International Eye Clinic Limited

China International Capital Corporation Hong Kong Securities Limited (CICC)

Jilin Province Chuncheng Heating Company Limited

BOCI Asia Limited

Acme International Holdings Limited

AOBiome Therapeutics, Inc.

TOM Group Limited

Work highlights

  • Advised BOCOM International (Asia) Limited as the sole sponsor and BOCOM International Securities Limited as the sole global coordinator on the circa HK$475.8m listing of H shares of SOE Sichuan Energy Investment Development Co., Ltd on the Hong Kong Stock Exchange.
  • Advised Watts International Maritime Engineering Limited on its successful listing on the Main Board of the Hong Kong Stock Exchange.
  • Acted for Nomura International (Hong Kong) Limited AS the sole sponsor on the listing of Nissin Foods Company Limited on the Main Board of the Hong Kong Stock Exchange by way of a global offering; this raised circa HK$950.8m.
  • Advised China Everbright Capital Limited on the listing of Sanbase Corporation Limited on GEM of the Hong Kong Stock Exchange.
  • Advised EuroEyes International Eye Clinic Limited on the proposed listing of its shares on the Hong Kong Stock Exchange.

Jones Day

Jones Day's team is particularly active in the fast-growing biotech, healthcare, life sciences and TMT sectors. Its work also covers more traditional industries, such as infrastructure and financial services, among others. The group attracts a strong flow of high-profile IPOs, placings and rights issues, compliance and M&A, among other matters. Clients include Chinese SOEs and private companies undertaking transactions across Greater China, Asia-Pacific and Southeast Asia. The practice is led by Joelle Lau, whose track record in the Hong Kong capital markets sphere dates back nearly 20 years. Lau works with Charles ChauTerry Kwok and Donna Ko.

Practice head(s):

Joelle Lau

Other key lawyers:

Terry Kwok; Donna Ko; Charles Chau

Key clients

CLSA Limited

GenScript Biotech Corporation

Haitong International Financial Projects (Singapore) Pte. Ltd.

China International Capital Corporation Limited (CICC)

Halcyon Capital Limited

Orocobre Limited

China Everbright Securities International Limited

CMBC International Capital Limited

BOC International (Asia)

Automated Systems Holdings Limited (ASL)

Shanghai Junshi Biosciences Co., Ltd

Work highlights

  • Acted for Junshi Biosciences on its circa US$450m IPO on The Stock Exchange of Hong Kong Limited; the client is the first H shares issuer to successfully launch its global offering under the HKSE Biotech listing regime since its introduction in mid-2018.
  • Acted for CLSA on Luzhou City Commercial Bank’s $220m IPO.
  • Acted for GenScript Biotech Corporation on the $306m top-up placing of shares.
  • Advised CSSC (Hong Kong) Shipping Company Limited’s up to $253.1m IPO on the main board of the HKSE.
  • Advised China International Capital Corporation Limited and China Everbright Securities International Ltd as joint sponsors – and the other underwriters – on the HK$300m IPO of China Everbright Water Limited on the Main Board of the HKSE.

Mayer Brown

Mayer Brown advises both issuers and underwriters on the entire ambit of equity capital markets transactions. In addition to undertaking pre-IPO work, the practice covers IPOs, rights issues, follow-on share placements, private investments in public equities and spin-offs. Jason Elder heads up the team.

Practice head(s):

Jason Elder

Milbank

Milbank undertakes the full range of high-end equity capital markets transactions across Asia for global financial institutions and other investment banks, corporate issuers and governments. Its broad geographical reach has seen it recently act on mandates with a nexus to countries such as the Philippines, Switzerland, Vietnam, Japan, Germany, Singapore and Indonesia. The team, which is jointly led by James Grandolfo and David Kuo, includes a mix of US, Hong Kong and Philippines-qualified lawyers. It advises on concurrent equity placements and bond offerings, rights issues and recapitalisations, among various other matters. Asia counsel Paul Pery is recommended.

Practice head(s):

David Kuo; James Grandolfo

Other key lawyers:

Paul Pery

Key clients

JPMorgan

Morgan Stanley

UBS

Deutsche Bank

Goldman Sachs

BDO Capital

BPI Capital

DBS Group

Credit Suisse

AMTD Global Markets

BOCI Asia

First Capital Securities

Haitong International Securities Company

D.M. Wenceslao & Associates

UEC

Citigroup

Bank of America Merrill Lynch

Mizuho Securities

Standard Chartered Bank

Work highlights

  • Acted for the global bookrunners, the lead managers, the domestic lead underwriters and the bookrunners on a follow-on offering by Philippine property developer, DoubleDragon Properties.
  • Advising Citigroup Global Markets Limited as sole international underwriter/global co-ordinator on an equity rights offering by Union Bank of the Philippines (UBP).
  • Advising BNP Paribas, as the sole sponsor – and BNP, CICC, HSBC and Sunwah Kingsway as the joint global co-ordinators – on the $465m Hong Kong IPO of Xinyi Energy, which is connected with a Rule 144A/ Reg S international offering.

Ropes & Gray LLP

Ropes & Gray LLP handles a full spread of complex securities transactions and related regulatory issues for global and domestic sovereign wealth funds, multinational corporates, investment banks, private equity funds and asset managers. The varied workload includes pre-IPO structurings and investments, IPOs and various other strategically significant matters. Team head Victoria Lloyd is equally strong acting for issuers and underwriters.

Practice head(s):

Victoria Lloyd

Other key lawyers:

Irene Lau 

Key clients

ASM Pacific Technology

CMC

HK International Construction Investment Management Group Co Ltd

Rainbow Concept International

Sequoia Capital

Work highlights

  • Advising CMC on the Hong Kong pre-IPO structuring of one of its portfolio companies.
  • Advised Rainbow Concept International on the sale of its retail business in the People’s Republic of China to a listed company based in Shenzhen, China.
  • Advised Sequoia Capital on a pre-IPO investment in Meituan Dianping, and also in China Renaissance.

Wilson Sonsini Goodrich & Rosati

Wilson Sonsini Goodrich & Rosati has a particular focus on the technology, education, life sciences and healthcare sectors. Its team's many areas of expertise include IPOs, follow-on offerings, private placements and M&A. The firm attracts a strong flow of work from domestic and international underwriters, as well as issuers. Practice head Dan Ouyang, who splits her time between the Beijing and Hong Kong offices, is experienced in US and Hong Kong equity offerings. In a significant development, Wanda Woo joined as partner from Kirkland & Ellis. Khoon Jin Tan left the firm for Winston & Strawn LLP.

Practice head(s):

Dan Ouyang

Testimonials

‘Experienced management-level and associate-level practitioners, who are hard-working, personable, communicative and capable’.

‘They are very organised, detail-oriented and regularly keep on top of workstreams’.

‘Dan Ouyang’s level of professional proficiency is impressive’.

 ‘They are friendly and capable at the same time, which makes them easy to work with and very helpful’.

Key clients

Tencent

WuXi AppTec

China International Capital Corporation

Citigroup Global Markets

Deutsche Bank Securities

Bright Scholar Education Holdings

Wanka Online

Beststudy Education

TuanChe Ltd.

Work highlights

  • Acted as the lead international counsel to WuXi AppTec on its $1bn IPO and related restructuring.
  • Acted for Tencent Music on its $1.2bn SEC-registered IPO.
  • Advised Credit Suisse and Deutsche Bank as the underwriters to Beijing-based Chinese online tutoring company GSX Techedu Inc on its $208m NYSE IPO.
  • Advised Citigroup Global Markets, Deutsche Bank and other underwriters on the IPO of Qutoutiao; this was the first Chinese news and video aggregation app to be listed in the US.
  • Advised Citigroup Global Markets, Deutsche Bank and the other underwriters on Puxin Limited’s $140m IPO.

Addleshaw Goddard

Addleshaw Goddard is one of the most active firms in the market advising sponsors and underwriters on Hong Kong IPOs. Its team is led by Daniel Wan, whose experience spans a wide range of industries, including infrastructure, financial services, healthcare, power, structural engineering, transport and public relations. The firm has recently seen an increase in mandates from investment banks.

Practice head(s):

Daniel Wan

Testimonials

‘Provide legal advice with a high standard of professionalism and, more importantly, at a reasonable service fee’.

‘Daniel Wan is a very experienced legal adviser; he impressed me with his legal knowledge and attitude’.

Key clients

Ample Capital Limited

Anglo Chinese Corporate Finance, Limited

BOCOM International (Asia) Limited

China Galaxy International Securities (Hong Kong) Co., Ltd.

China Industrial Securities International Capital Limited

Cinda International Capital Limited

CMB International Capital Limited

Dakin Capital Limited

Fortune Financial Capital Limited

Grande Capital Limited

Guosen Securities (HK) Capital Company Limited

Guotai Junan Capital Limited

Haitong International Capital Limited

Heungkong Capital Limited

Innovax Capital Limited

Kingsway Capital Limited

Messis Capital Limited

Octal Capital Limited

Orient Capital (Hong Kong) Limited

Red Sun Capital Limited

Shenwan Hongyuan Capital (H.K.) Limited

Southwest Securities (HK) Capital Limited

SPDB International Capital Limited

TC Capital Asia Limited

Work highlights

  • Advised China Industrial Securities International Capital Limited as the sponsor on the successful Hong Kong listing by Xin Yuan Enterprises Group Limited (Xin Yuan), an asphalt tanker chartering services provider.

Howse Williams

Howse Williams is particularly active in assisting small to mid-cap companies with primary listings on the Hong Kong Stock Exchange, as well as their secondary offerings. Other areas of focus include corporate governance and compliance. Sponsor-side work is another cornerstone of the practice, which is jointly led by Christopher Williams and Brian HoChia Ching Tan is experienced in assisting Southeast Asian companies with Hong Kong listings. Christopher YuDenise Che and Heidi Lee are also notable individuals.

Practice head(s):

Brian Ho; Chris Williams

Key clients

Fortune Financial Capital Limited

Shanghai Realway Capital Assets Management Co., Ltd

Alliance Capital Partners Limited

Ample Capital Limited

Haitong International Securities Company Limited

UOB Kay Hian (Hong Kong) Limited

Truly International Limited

China Tonghai Capital Limited

Alco Holdings Limited

Work highlights

  • Advised Hypebeast Limited on the transfer of its listing from GEM to the Main Board of the Hong Kong Stock Exchange.
  • Acted as the Hong Kong legal counsel to Shanghai Realway Capital Assets Management Co., Ltd. on its circa HK$191.7m listing of shares on the Main Board of the Hong Kong Stock Exchange.
  • Acted as the sponsor’s and underwriters’ Hong Kong counsel to Alliance Capital Partners Limited on the listing and IPO of JBB Builders International Limited on the Hong Kong Stock Exchange.
  • Acted as the sponsor’s and underwriters’ Hong Kong counsel to Ample Capital Limited on the listing and IPO of MOS House Group Limited on the Hong Kong Stock Exchange.
  • Acted for Haitong International Securities as the placing agent on the placing of new shares by Meilleure Health International Industry Group Limited.

Kwok Yih & Chan

Kwok Yih & Chan is adept at handling Hong Kong Stock Exchange primary listings, secondary offerings, pre-IPO restructurings, private placements, regulatory compliance and public M&A. Clients include multinational corporates and financial institutions. One notable highlight involved acting for the sponsor on the HK$200m IPO of Ying Kee Tea House Group Limited on the Hong Kong GEM Board. The experienced team is jointly led by Larry Kwok, Dieter Yih and Conrad Chan.

Practice head(s):

Larry Kwok; Dieter Yih; Conrad Chan

Other key lawyers:

Leon Saw; Cecil Kwong; Denise Chan; Michelle Liu

Key clients

Vistar Holdings Limited

CMB International Capital Limited

Top Education Group Ltd

Kingsley Edugroup Limited

KGI Capital Asia Limited

AB Builders Group Limited

Oriental Payment Group Holdings Limited

Alliance Capital Partners Limited

Dragon Mining Limited

Huayu Expressway Group Limited

China Huarong Energy Company Limited

Omron Electronics Asia Limited

Ms. Cheng Hei Yu

Dr. Ho Tin Yee Tinny

Work highlights

  • Advised Vistar Holdings Limited in its listing on GEM of the Hong Kong Stock Exchange.  
  • Advised CMB International Capital Limited as the sponsor to the listing of China Boqi Environmental (Holding) Co. Ltd. on the Main Board of the Hong Kong Stock Exchange.  
  • Advised Top Education Group Ltd on its HK$900m listing on the Main Board of the Hong Kong Stock Exchange.
  • Advised Kingsley Edugroup Limited in its HK$320m listing on GEM of the Hong Kong Stock Exchange.

Stephenson Harwood

Stephenson Harwood has been active in capital markets transactions in Greater China since the 1970s, making it a top choice among many companies, banks, nominated advisers and brokers. The firm has recently seen an increase in mandates from sponsors for advice on IPOs. Other cornerstones of the practice include subscriptions, placings, rights issues, transfers between markets and dual listings. The team is jointly led by Voon Keat Lai (who is managing partner for Greater China offices), Ivy WongChun-Hui Lin (Hong Kong/Beijing) and Ivan Tan (Hong Kong/Shanghai). Jane Ng has over 20 years of corporate finance experience. Notable developments at the firm saw Allen Shyu join Akin Gump Strauss Hauer & Feld LLP while Anthony Chan moved to Squire Patton Boggs.

Practice head(s):

Voon Keat Lai; Ivy Wong; Ivan Tan; Chun Hui Lin

Other key lawyers:

Jane Ng; Paul Westover

Testimonials

‘Voon Keat Lai always provides responsive, professional, practical and client-focused advice’. 

‘Stephenson Harwood has served as an important resource for us and we have benefited greatly from its expertise and long reach’.

Key clients

Design Capital Limited

Zhejiang New Century Hotel Management Co., Ltd.

eBroker Group Limited

Metropolis Capital Holdings Limited

Hang Yick Holdings Company Limited

KOS International Holdings Limited

AB Builders Group Limited

Byleasing Holdings Limited

HPC Holdings Limited

Sunlight (1977) Holdings Limited

Work highlights

  • Advised Design Capital Limited on its HK$150m listing on the Main Board of The Stock Exchange of Hong Kong Limited.
  • Acted for eBroker Group Limited on its HK$344m listing on GEM of Hong Kong Stock Exchange.
  • Acted for Metropolis Capital Holdings Limited on its HK$312m listing on GEM of Hong Kong Stock Exchange.
  • Acted for the sole sponsor on the listing of securities of Hang Yick Holdings Company Limited on the Main Board of Hong Kong Stock Exchange.
  • Acted for KOS International Holdings Limited on its HK$240m listing on GEM of Hong Kong Stock Exchange.